IMF's Lagarde: China is not all 'doom and gloom'

Period of adjustment

Christine Lagarde, head of the International Monetary Fund(IMF), has said she remains positive about the outlook for the Chinese economy, despite slowdown fears.

She told the BBC prospects for the world's second largest economy are not all "doom and gloom" as although the country's recovery is "decelerating a bit", it is expected to gain momentum next year. "We are seeing massive transitions at the moment," she said. After decades of double-digit growth, China's economy slowed to 7.4% last year. The government said it expects this to fall to around 7% this year, although the IMF's forecast is nearer 6.8%. Woodford: Market was right to worry about China Escalating fears over a slowdown in China have spooked global markets this year, culmi...